YFYS bill passes in Senate

YFYS/senate/Bill/

17 June 2021
| By Laura Dew |
image
image image
expand image

The Your Future, Your Super bill has now been passed in the Senate and will come into force on 1 July, 2021. 

The bill was passed with amendments today and would include a performance test of super funds to ensure members were not stuck in underperforming funds. 

Members would also be ‘stapled’ to a superannuation fund where one fund would stick with them for the duration of their working life which would prevent the creation of employees having multiple accounts.  

Finally, there would be increased accountability of how superannuation funds used their members’ money.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 weeks ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3